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Statoil's Drilling Campaign in Barents Sea Proves Disappointing

Norwegian Company Is Now Considering Cheaper Infrastructure Options

By

Kjetil Malkenes Hovland

May 2, 2014 7:54 a.m. ET

OSLO—Norway's Statoil said Friday a drilling campaign around the Johan Castberg field in the Barents Sea had discovered less oil than expected, and that it is considering cheaper infrastructure options.

"We are working steadily to reduce the costs of the existing project, and are also studying an alternative project, a floating production and storage unit," Statoil spokesman Ørjan Heradstveit told The Wall Street Journal....